CATS forecasts revenues of $30m

CATS forecasts revenues of $30m

CAMBODIA Air Traffic Services owner, Samart Corporation, on Monday forecast revenues of US$30.4 million in 2010 from operations in the Kingdom.

Kanokwan Chanswangpuvana, vice president of corporate communications at Thai company Samart, told the Post that the business, which owns Cambodia Air Traffic Services (CATS), predicted 1 billion baht ($30.4 million) in revenues.

Earlier this month, the Cambodian government officially returned operation of CATS to Samart.

It had taken away control after Siwarak Chutipong, who worked as an engineer at CATS, was arrested in Cambodia in November and convicted of stealing classified information about flights made by Thai ex-premier Thakshin Sinawatra. He was pardoned by King Norodom Sihamoni last month.

While talking to the Post from Bangkok, Kanokwan did not disclose Samart revenues from Cambodia for 2009. She said that the annual financial report had not yet been approved by the board of directors and, due to the company's being listed on the stock market, she could not release information early.

“The revenue report will be revealed in February,” she added.

The vice president of corporate communications explained that Samart has no concern over its business in the Kingdom.

“I think we have a lot of confidence in the Cambodian government, so we do not see any problems with doing business in Cambodia.

“We also have confidence that we will increase our investment if other opportunities arise,” she said.

The government’s decision to allow CATS to continue operations pushed up Samart shares on the Thai Stock Exchange last week. The stock rose 4.3 percent, closing Friday at $0.184.

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